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IGF originally granted Pryme a £2.75 million facility in 2017. As the industry recovers the funding has been increased to £4.5 million, enabling expansion into the defence and aerospace industries.

Pryme Group CFO Kerrie Murray said: "Just two short years after a shaky period for the gas and oil industry we are now in a position of strength, with more people, capabilities and capacity to our name than ever before.

“We had never approached a funding partner before, so you can imagine it was a big decision for us, and critical that we found the right people that understood us and our vision. IGF got to know the company and the management team which has helped us achieve a great working relationship in a short space of time.

"We are a much bigger business today than when we approached IGF back in 2017, but they have grown with us along the way.”

Pryme Group was formed in 2014 with the three GA Engineering companies (GA Scotland, GA Sliding Head, GA North West). The following year Newcastle firms MKW Engineering, Stargate Precision Engineering and Total Maintenance Engineering joined the group while testing and subsea specialist SengS joined in 2016.

It has a staff of around 230 and works with clients including Siemens, WL Gore & Associates and Halliburton.

Pryme originally had a term loan in place to get though the downturn but when forecasts in 2017 indicated an uplift in sales the following year, it looked for finance to support growth.

It replaced a term loan with IGF's £2.75 million invoice discounting facility in June 2017, which allowed Pryme to quickly react to the changing sector. Within six months of securing the funding, Pryme Group acquired Hydratron, a global leader in the manufacture of high-pressure air driven liquid pumps, gas boosters and associated systems, and with it a partner network in North America, the Middle East, Southeast Asia and Australia.

It has since secured a £3.5 million oil and gas contract and opened a Centre of Excellence in North Shields.

After IGF increased Pryme Group’s funding facility to £4.5 million, the company has forecast a further 20% growth in 2019.

Jon Hughes, commercial director ABL, IGF said: “There’s nothing I enjoy more about my job than supporting a partner through a period of downturn and watching them come out the other side stronger than ever.

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"From time to time industry leading innovators like Pryme Group need support from funding partners to ensure they don’t suffer in the long-term because of short-term factors outside their control.

"Alternative finance is on the rise because we have the flexibility to make decisions that more traditional lenders can be hesitant towards. IGF is proud to support British SMEs, ensuring they remain independent and focused on what they do best."